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Is there a difference between a broker and a
provider representative?
Yes. Although both a broker and a
provider representative will help you with the sale of your policy, there
are important differences between them. A broker works for you.
A broker will check with several providers to find the best offer for you.
A provider representative works for a provider. A provider representative
will only check with the provider that he or she works with to get you
their offer. If you use someone to help with the sale of your policy, you
may want to ask whether they are a broker or a provider representative.
Is the provider, provider representative, or broker
required to keep my information confidential?
Yes, any financial, medical, or personal
information obtained by a provider, provider representative, or broker
about you, including your family members, a spouse, or a significant
other, may not be shared with anyone unless you have given written
approval that the information may be shared. Any written approval for the
sharing of this information must show who may get the information and why
it will be released.
If I enter a life settlement contract, when will I
get my money and from whom?
The answer to this question depends on how the provider runs its business.
Some providers use an escrow agent or trustee to handle the money that
will be paid to you. The escrow agent or trustee will send you the money
within three business days of the date the insurance company confirms to
the provider that the transfer of ownership has been completed.
What if I change my mind?
If you change your mind about selling
your policy, you can cancel the life settlement contract at any time up to
the 15th day (30 days in some states) after you receive the money from the
provider. If you change your mind, remember to arrange with the provider
to have the insurance company transfer the ownership of the policy back to
you. The guidelines for the rescission period will be explained in
detail in the Life Settlement Purchase & Sale Agreement, which can vary on
a state by state basis.
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